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FCC Clears Skydance Media’s $8 Billion Paramount Takeover

Approval comes with strict conditions on bias oversight, diversity policy rollback

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Aug 20, 2021; Milwaukee, Wisconsin, USA; Stephen Colbert addresses the crowd between inning of the game between the Washington Nationals and Milwaukee Brewers at American Family Field. Mandatory Credit: Jeff Hanisch-USA TODAY Sports
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Overview

  • The deal received FCC approval on July 24 and is scheduled to close August 7 under Chairman Brendan Carr’s mandate.
  • Skydance must appoint an independent ombudsman to address any bias complaints at CBS News before the merger finalizes.
  • The merged company has committed to ending all diversity, equity and inclusion initiatives as part of its consent to regulators.
  • Paramount’s $16 million settlement with President Trump over a “60 Minutes” segment has been completed, clearing a major hurdle for the transaction.
  • Journalists including Connie Chung and 60 Minutes staff warn the new ownership may pressure editorial independence as David Ellison plans cost-saving restructures and franchise realignments.